Overview
Our next-generation pricing tool, hx Renew, harnesses the power of cutting-edge technologies and empowers actuaries and underwriters to price with speed, intelligence, and confidence.
Key Features
Speed
Building a global suite of pricing models with a connected database for exposure reporting is costly and time-consuming, often requiring months of specification and development work. With hx Renew, insurers can build, deploy and refine models in days or weeks instead of months - with some of our customers implementing 18 models in less than 12 months. Renew also eliminates underwriter rekeying, connecting seamlessly to multiple internal systems and saving valuable time and resources.
Intelligence
With traditional pricing practices, insurance executives are unable to consistently monitor rate change across the business due to pricing data not being readily available in a database for reporting and portfolio analysis. Many insurers spend as much as three weeks per quarter on manual data collection. Integrating hx Renew automates this resource-consuming process, amounting to significant savings per year, and enables real-time monitoring and portfolio insights to support data-driven decision making.
Confidence
In the world of changing regulatory requirements, hx Renew helps specialty insurers stay compliant with company permissions and pricing best practices with automatic compliance checks for every model, an audit trail for review and approval cycles, automated reconciliation and regression testing for models, and in-product peer reviews.
Key Benefits
1. Improve loss ratios by up to 2% points
2. Write better risk and reduce the time it takes to go from quote to bind by up to 50%, empowering underwriters to focus on value-added work
3. Speed up your model development and deployment times by 10X, enabling your actuarial team to build, develop and deploy dynamic models faster
4. Establish clear views across the business and seamlessly derive insights through a centralised pricing ecosystem
5. Ensure effective governance and control with built-in audit trails, peer reviews, sanction checking and workflow reviews price with renewed confidence
6. Seamless updates across the pricing ecosystem, IT teams can make wholistic changes as opposed to configuring each component across a pricing ecosystem